On Jul. 30, NM LEG passed bill on allocation for natural disasters.
NM LEG passed bill HB 1, which allocates funds to provide support for natural damages
Follows NM declaration of state of emergency due to wildfires, see rule #216313.
Bill Provisions
Allocates $100mn from general fund for FY25, FY26, for purpose of providing support to individuals and businesses related to claims for damages from flooding or wildfire.
Includes claims for public assistance funding from the federal emergency management agency and private insurance claims related to damages from flooding or a wildfire.
$70 million of which is zero-interest reimbursable loans to local governments to kick-start funding for public infrastructure projects approved for federal public assistance.
Types of claims includes damages from flooding or debris flows attributable to wildfire.
Sets instruction that fund disbursement will be conducted in consultation with NM INS.
Legislative History
On Jul. 18, 2024, bill introduced in House; on Jul. 18, 2024, bill passed in House.
On Jul. 18, 2024, bill introduced in Senate; on Jul. 18, 2024, bill passed in Senate.
On Jul. 30, 2024, NM LEG Governor signed bill into law, bill assigned to Chapter 1.
Effectiveness
NM LEG bills generally effective 90 days after adjournment (Jul. 18), so Oct. 16, 2024.
